The Financial Services Commission said on the 19th that it will introduce punitive penalty surcharges to hold corporations accountable when hacking incidents occur at financial companies, electronic financial business operators, and virtual asset service providers, in order to strengthen financial security.
Lee Eog-weon, chair of the Financial Services Commission, said in a policy briefing to the president that financial stability, market order, and consumer protection are the basics of financial policy and will be pursued consistently.
The Financial Services Commission will enact the Digital Financial Safety Act to impose punitive penalty surcharges in the event of a hacking incident. It will also build a one-stop support system that allows victims of illegal private lending to receive all assistance—including collection suspension, appointment of a debtor's representative, account suspension, and investigation—through a single report. It will promote legislation for financial companies' no-fault liability for voice phishing (a principle under which they bear liability for damages by law even without intent or negligence) and advance the voice phishing AI platform.
It will also push forward financial policies that people can feel in their daily lives. To manage dementia money (assets tied up because people with dementia cannot manage them), which is expected to total 172 trillion won at the end of this year, it will activate trusts and dementia insurance, and it plans to expand the death benefit securitization system to pensions, healthcare, and long-term care services.